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Version 1 Version 2
London Market Report London Market Report
(about 5 hours later)
(Noon): UK stocks struggled to make headway on Wednesday with the US dollar powering away on the currency markets. (Close): UK stocks fell on Wednesday, falling in the afternoon as Wall street opened sharply lower.
After rising at first the FTSE 100 fell back, with the index down 5.75 points at 6,700.52. The FTSE 100 closed down 66.56 points, or 0.99%, to 6,639.71.
The surge in the value of the dollar hit commodity-related stocks. Among the mining firms Fresnillo fell 3.9% and Anglo American was down 3%. The biggest faller was the stockbroker Hargreaves Lansdown. Shares fell 4% after an investment bank downgraded its rating on the firm.
A surge in the value of the dollar hit commodity-related stocks. Among the mining firms Fresnillo fell 3.5% and Anglo American was down 3.7%.
The dollar has strengthened as markets bet that the recovery in the US will see interest rates rise next year.The dollar has strengthened as markets bet that the recovery in the US will see interest rates rise next year.
Meanwhile, the anaemic growth seen in the eurozone means the European Central Bank is likely to have to continue supporting the currency bloc for some time to come.Meanwhile, the anaemic growth seen in the eurozone means the European Central Bank is likely to have to continue supporting the currency bloc for some time to come.
The euro fell to $1.2695, its lowest rate since November 2012, and the dollar hit four-year high against a basket of currencies. The pound fell 0.22% against the dollar to $1.6303 The euro fell to $1.27440, and the dollar hit four-year high against a basket of currencies. The pound fell 0.22% against the dollar to $1.6303
Among commodities, Brent crude oil fell 10 cents to $96.85 a barrel while US crude dipped 5 cents to $92.75.Among commodities, Brent crude oil fell 10 cents to $96.85 a barrel while US crude dipped 5 cents to $92.75.
On the London stock market, shares in Direct Line Insurance rose 0.7% after it announced the sale of its international division. On the London stock market, shares in Direct Line Insurance rose 0.47% after it announced the sale of its international division.
Spanish insurance company Mapfre has bought Direct Line's Italian and German businesses for 550m euros (£430.5m).Spanish insurance company Mapfre has bought Direct Line's Italian and German businesses for 550m euros (£430.5m).
In the FTSE 250, pub group Mitchells & Butlers sank 6.2% after it said trading conditions last month had been "difficult". In the FTSE 250, pub group Mitchells & Butlers sank 7.9% after it said trading conditions last month had been "difficult".
The company said "consumers remained cautious about spending and rainfall was significantly higher than last year".The company said "consumers remained cautious about spending and rainfall was significantly higher than last year".
Like-for-like sales at M&B were up 0.1% in the nine weeks to 20 September.Like-for-like sales at M&B were up 0.1% in the nine weeks to 20 September.